Once again I decided to post a short note here to help people who are looking into top 20 schools with low GMAT/GPA.
I have read and heard so many so called "consultants" about how important GMAT is and if you don't have 700 you shouldn't even consider applying.
I had a 560 GMAT and still got into 2 top 20 school, now I'm about to start my 2nd year. This are a few thoughts as I look back into my application process and I wish I had known this when I was looking into schools I wanted to attend.
1) GMAT IS NOT EVERYTHING (I'm an example), basically Bschools want to know that you will be able to handle the heavy work load and stress that is the 1st semester. They don't want students dropping out or even worse failing classes. Sadly given that there is no standard way to measure your academic skills bschools use your GMAT scores as a gauge. I know 750 people who got dinged and I'm a 560 who got in!!
2) Your story counts, schools want to know why you want to go to bschool, how that specific school fits in your long term plans and HOW can they benefit from you going there.
3) You need to be UNIQUE to them, schools want a diverse pool of students. Make sure you don't follow a template from a consultant.
4) RESEARCH THE SCHOOL, you have to make your application "custom fit" to every school. Admissions is very good at catching BS, if you don't understand the culture of each school and what "they" think is unique about them admissions won't believe your application that says you can add to that uniqueness.
Finally, show your essays and your entire application to as many friends as you can, get as much feed back as possible then look at your application yourself and if you don't buy your own arguments, bschools won't either. Be realistic about your application and about what you want to do in life, if you went to an below average school and got a below average GPA, got a below average job and scored a below average GMAT... your chances of getting into consulting at the top 3 schools or investment banking might not happen for you AND admissions will see that, your entire story has to make sense.
Consultants don't have the answers to everything and they cannot get you into the school you want, UNLESS you can do that on your own. They just help you focus!
I hope this helps, good luck to everyone who is looking into applying for next year!!